PITTSBURGH North River Capital LLC has bought fluid heating systems manufacturer and supplier Arctic Fox LLC.
North Riverformed by members of the Rifkin family and former OmniSource Corp. executives after Fort Wayne, Ind.-based Steel Dynamics Inc. (SDI) bought the scrap recycleracquired the majority interest of Delano, Minn.-based Arctic Fox for an undisclosed sum, the company said.
Arctic Fox founder Jack Veach has retained an equity position in the company and will continue to serve as president and chief executive officer. The company provides fluid heating systems to major North American truck manufacturers, including Volvo Trucks North America Inc., Kenworth, Peterbilt Motors Co. and Freightliner Trucks, according to its website.
Partners in Fort Wayne-based North River include brothers Daniel, Richard and Martin Rifkin, as well as former OmniSource executives Gary Rohrs, Grant Schultz and Jennifer Wilson.
SDI bought OmniSource for $1.1 billion in 2007. The Rifkins reportedly signed five-year non-compete agreements that are due to expire this year.